I can tell you it did'nt jump timing if the compression checked out OK,if it did jump timing compression would be virtually non-existant.
So its not that.
From what you've described I would look into your wiring to the coil as suggested previously,you should only "see" 12+ volts at the coil when cranking the engine over,this is to help it start quicker,otherwise the voltage should be less due to the resistance in the coil's wiring to keep from damaging the coil.
Also look for the obvious,like is the breaker plate grounded to the distributor housing?
Often the lead for this will fail after many years of use,and can be a cause of "mystery" issues.
Have you checked the wiring to/from the starter?
If you hook up the starting voltage lead to the coil to the wrong terminal on the solenoid it might explain a constant 12+ volts to the coil situation.
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